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S. Korean stocks set for modest gains next week: analysts

All News 10:00 July 16, 2016

SEOUL, July 16 (Yonhap) -- South Korean stocks are expected to continue their upward trend next week, albeit modestly, in general on a mix of low interest rates and stable data, analysts here said Saturday.

The benchmark Korea Composite Stock Price Index (KOSPI) finished this week at 2,017.26, up 2.76 percent from a week earlier. It marked the index's gains for five sessions in a row led by foreigners' buying binge.

They purchased a net 1.9 trillion won (US$1.67 billion) of local shares, while individuals and institutional traders offloaded a net 1.2 trillion won worth of stocks.

"The South Korean stock market is forecast to maintain a modest upward trend next week," Mirae Asset Daewoo Co. said in a report. It predicted the KOSPI will stay in a range of between 1,980 and 2,040.

It pointed out that the U.S. equities hit an all-time high and there are positive signs of second-quarter earnings by major companies.

Market watchers will monitor the results of European Central Bank's monthly meeting, slated for Thursday, which may offer a hint of its monetary policy direction.

Foreigners are expected to continue to scoop up South Korean shares next week even if some will seek profit-taking, it added.

lcd@yna.co.kr
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